PLDT down 35% in net income, lost 5M subs to Globe in 2015
During yesterday’s press briefing, PLDT Chariman and CEO Manuel V. Pangilinan reported that its net income declined by 35% to P22.1 billion in 2015. This is the lowest net income posted by PLDT since 2003 where they made Php17.17 billion.
Core net income is Php35.2 billion which is also lower by 6% from the previous year (Php35.7% in 2014).
“Last year alone we lost about five million subscribers to Globe… the loss of subscribers to Globe and incremental ads they managed to gain accounted probably for the biggest hole in our service revenues in prepaid,” accoridng to MVP.
MVP has set their net income guidance for 2016 at Php28 billion, a drastic drop from 2015’s target of Php35 billion. The new lower target is due to fierce competition and the possibility of a 3rd player (San Miguel) coming in this year.
Shares of PLDT dropped 17.86% to Php1,830, the single biggest loss in a day for over two decades.